Woori Financial Group has exceeded its annual goal for productive finance this year. The company plans to expand funding and investment, focusing on local and small businesses.
On September 16, Woori Financial held the 'September Advanced Strategic Industry Finance Council' at its headquarters in Jung-gu, Seoul, chaired by Chairman Im Jong-ryong, to review the progress of its productive and inclusive finance initiatives.
As of August, Woori Financial supplied a total of 25.3 trillion won in the productive finance sector, including 15 trillion won in investments and 23.8 trillion won in loans. This represents 116.3% of its annual target and 35.7% of its five-year goal.
In the investment sector, the company is increasing its participation in the National Growth Fund and expanding venture capital supply. Woori Investment & Securities has provided 365.1 billion won in venture capital by August, exceeding its initial target by 180%.
In the inclusive finance sector, Woori Financial supplied a total of 2.2 trillion won by August, including 950 billion won for low-income finance, 790 billion won for mid-interest loans, and 430 billion won for small business loans.
Through Woori Bank's personal credit loan interest rate cap of 7%, approximately 75,000 individuals received a total of 3 billion won in interest relief by the end of August. The 'Woori WON Dream Living Expense Loan' provided 55.5 billion won to 7,200 individuals.
The company is also expanding its debt write-off program. Woori Bank plans to write off an additional 1.2 trillion won by the end of this month, following 424 billion won in the first half of the year. Woori Card is expected to write off about 1.2 trillion won, bringing the total write-off amount for the group to approximately 2.8 trillion won.
Chairman Im Jong-ryong stated, “Based on the achievements in productive finance, we need to broaden our support for local and technologically advanced small businesses. We must also expedite inclusive finance to ensure that necessary funds reach those in need on time.”
* This article has been translated by AI.
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